EXAMPLE K.G. obtained a $156,000, 20-year balloon mortgage at 11.5% for 5 years. How much does K.G. still owe after five years? Mortgage Rate Term in Years $156,000 11.5% 20 Step 1: Look in the table. Find the percentage at 11.5% for 20 years. The percentage is 91.3%. Step 2: Multiply $156,000 by 91.3% $156,000 .913 468 000 X 1 560 00 140 400 0 $142,428.00 The principal remaining at the end of his 5-year balloon mortgage is $142,428.00. Mortgage Rate 1. $135,000 13% 2. $561,000 3. $98,000 4. $131,000 10.5% 15% 16% 5. $55,000 11.5% 6. $108,000 16% 7. $97,000 14% 8. $168,000 14.5% 9. $219,000 11.5% 10. $178,000 15.5% 11. $129,000 16% 20 20 20 Directions Compute the principal remaining at the end of each 5-year balloon mortgage. Term in years 30 30 20 20 30 20 30 20 Percentage of Mortgage Principal Left After 5 Years Term Remaining Principal Rate 10% 10.5% 11% 11.5% 12% 12.5% 13% 13.5 14% 14.5 15% 15.5% 16% 20 Yrs. 89.8% 90.3% 90.8% 91.3% 91.7% 92.2% 92.6% 93.1% 93.4% 93.7% 94.1% 94.4% 94.7% Mortgage Rate 15% 10% 10.5% 11% 12.5% 16% 12. $144,000 13. $176,000 14. $99,000 15. $154,000 16. $87,000 17. $79,000 18. $109,000 19. $89,000 11% 20. $1,255,000 12% 21. $68,000 10.5% 22. $58,000 14% 15.5% 20 20 30 30 30 30 20 Term in Remaining Principal years 20 30 Yrs. 96.6% 96.9% 97.2% 97.4% 97.7% 97.9% 98.1% 98.3% 20 98.4% 98.6% 98.7% 98.8% 99% 20 30
EXAMPLE K.G. obtained a $156,000, 20-year balloon mortgage at 11.5% for 5 years. How much does K.G. still owe after five years? Mortgage Rate Term in Years $156,000 11.5% 20 Step 1: Look in the table. Find the percentage at 11.5% for 20 years. The percentage is 91.3%. Step 2: Multiply $156,000 by 91.3% $156,000 .913 468 000 X 1 560 00 140 400 0 $142,428.00 The principal remaining at the end of his 5-year balloon mortgage is $142,428.00. Mortgage Rate 1. $135,000 13% 2. $561,000 3. $98,000 4. $131,000 10.5% 15% 16% 5. $55,000 11.5% 6. $108,000 16% 7. $97,000 14% 8. $168,000 14.5% 9. $219,000 11.5% 10. $178,000 15.5% 11. $129,000 16% 20 20 20 Directions Compute the principal remaining at the end of each 5-year balloon mortgage. Term in years 30 30 20 20 30 20 30 20 Percentage of Mortgage Principal Left After 5 Years Term Remaining Principal Rate 10% 10.5% 11% 11.5% 12% 12.5% 13% 13.5 14% 14.5 15% 15.5% 16% 20 Yrs. 89.8% 90.3% 90.8% 91.3% 91.7% 92.2% 92.6% 93.1% 93.4% 93.7% 94.1% 94.4% 94.7% Mortgage Rate 15% 10% 10.5% 11% 12.5% 16% 12. $144,000 13. $176,000 14. $99,000 15. $154,000 16. $87,000 17. $79,000 18. $109,000 19. $89,000 11% 20. $1,255,000 12% 21. $68,000 10.5% 22. $58,000 14% 15.5% 20 20 30 30 30 30 20 Term in Remaining Principal years 20 30 Yrs. 96.6% 96.9% 97.2% 97.4% 97.7% 97.9% 98.1% 98.3% 20 98.4% 98.6% 98.7% 98.8% 99% 20 30
Elementary Geometry For College Students, 7e
7th Edition
ISBN:9781337614085
Author:Alexander, Daniel C.; Koeberlein, Geralyn M.
Publisher:Alexander, Daniel C.; Koeberlein, Geralyn M.
ChapterP: Preliminary Concepts
SectionP.CT: Test
Problem 1CT
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Transcribed Image Text:EXAMPLE K.G. obtained a $156,000, 20-year balloon mortgage at 11.5% for 5 years.
How much does K.G. still owe after five years?
Mortgage
Rate
Term in Years
$156,000
11.5%
20
Step 1: Look in the table. Find the percentage at 11.5%
for 20 years. The percentage is 91.3%.
Step 2: Multiply $156,000 by 91.3%
$156,000
.913
468 000
X
1 560 00
140 400 0
$142,428.00
The principal remaining at the end of his 5-year
balloon mortgage is $142,428.00.
Mortgage Rate
1. $135,000 13%
2. $561,000
10.5%
3. $98,000
15%
4. $131,000
16%
11.5%
5. $55,000
6. $108,000
16%
7. $97,000
14%
8. $168,000
14.5%
9. $219,000
11.5%
10. $178,000
11. $129,000
15.5%
16%
20
20
20
Directions Compute the principal remaining at the end of each 5-year balloon mortgage.
Term in
years
Term in
years
30
30
20
20
30
20
30
20
Percentage of Mortgage
Principal Left After 5 Years
Term
Remaining
Principal
Rate
10%
10.5%
11%
11.5%
12%
12.5%
13%
13.5
14%
14.5
15%
15.5%
16%
Mortgage Rate
20 Yrs.
89.8%
90.3%
90.8%
91.3%
91.7%
92.2%
92.6%
93.1%
93.4%
93.7%
94.1%
94.4%
94.7%
15%
12. $144,000
13. $176,000
10%
14. $99,000
10.5%
15. $154,000
11%
16. $87,000
12.5%
17. $79,000
16%
18. $109,000
15.5%
19. $89,000
11%
20. $1,255,000 12%
21. $68,000
10.5%
22. $58,000
14%
20
20
30
30
30
30
20
20
20
20
30 Yrs.
96.6%
96.9%
97.2%
97.4%
97.7%
97.9%
98.1%
98.3%
98.4%
98.6%
98.7%
98.8%
99%
30
Remaining
Principal
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